UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 14, 2022

SLEEP NUMBER CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of incorporation)

000-25121	41-1597886
(Commission File Number)	(IRS Employer Identification No.)

1001 Third Avenue South, Minneapolis, MN 55404

(Address of principal executive offices) (Zip Code)

(763) 551-7000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	SNBR	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 8.01	OTHER EVENTS

On March 14, 2022, Sleep Number, Inc. (the “Company”) announced that its Board of Directors (the “Board”) unanimously elected Shelly R. Ibach, the Company’s President and CEO and a member of the Board, as Board Chair, effective May 12, 2022, following the Company’s Annual Meeting of Shareholders. Ibach will succeed Jean-Michel Valette, who has served as Board Chair since May 2010, and will continue to serve as a member of the Board. The Board also unanimously elected Michael J. Harrison, an independent director since 2011 and current chair of the Corporate Governance and Nominating Committee, as independent Lead Director, also effective on May 12, 2022, following the Company’s Annual Meeting of Shareholders.

A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 9.01	FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit No.	Description of Exhibit
99.1	Press Release dated March 14, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SLEEP NUMBER CORPORATION
	(Registrant)
Dated: March 14, 2022	By:	/s/ Samuel R. Hellfeld
	Name:	Samuel R. Hellfeld
	Title:	Senior Vice President, Chief Legal and Risk Officer

Document

Exhibit 99.1

Sleep Number Announces Board Leadership Changes

Sleep Number’s Board leadership succession reflects Company’s commitment to strategic consistency and strong corporate governance

MINNEAPOLIS — March 14, 2022 — Today Sleep Number Corporation (Nasdaq: SNBR), the sleep health, science, research and innovation leader, announced its Board of Directors has unanimously elected Shelly R. Ibach as Board Chair, effective May 12, 2022, following the Company’s Annual Meeting of Shareholders. Ibach will continue to serve as Sleep Number’s President and CEO. She succeeds Jean-Michel Valette, who served as Board Chair since May 2010 and will remain on the Board.

The Company also announced that the Board unanimously elected Michael J. Harrison, an independent director since 2011 and current chair of the Corporate Governance and Nominating Committee, as independent Lead Director, also effective on May 12, 2022. Harrison’s appointment reflects the Company’s ongoing commitment to robust independent board leadership, which will be detailed in the Company’s 2022 Proxy Statement.

Ibach has led Sleep Number since June 2012. During her tenure, the Company has sustained superior stakeholder value creation which has resulted in nearly 14 million lives improved and almost 14 billion hours of proprietary sleep data from its award-winning 360® smart beds. Ibach’s passion for developing meaningful consumer value, combined with her visionary guidance, has turned the one-time adjustable mattress retailer into a purpose-driven, sleep tech wellness company that is poised to lead in the emerging connected sleep health space.

“Shelly’s strategic vision and perceptual acuity, including the innovation of the 360 smart bed and the creation of a values-based organization, have transformed Sleep Number,” said Valette, speaking on behalf of the Board. “We believe Shelly is the best person to lead the Company both as CEO and Chair, providing innovative and steady leadership in a dynamic marketplace and inspiring the company’s culture of individuality and purpose. The Board is equally pleased that Mike, given his extensive board governance and experience with other consumer brands, will step into the role of independent Lead Director.”

“I am honored to lead this incredible Company as Chair and CEO,” said Ibach. “I look forward to achieving our ambitious vision with our mission-driven Board, management team and over 5,000 team members who deliver on our purpose to improve the health and wellbeing of society through higher quality sleep. We thank Jean-Michel for his years of dedication, wise counsel and leadership as Board Chair, and welcome Mike as he assumes the independent Lead Director role.”

The leadership announcement is concurrent with the release of Sleep Number’s 2022 Corporate Sustainability Report, which can be found here.

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About Sleep Number

Individuality is the foundation of Sleep Number. Our purpose driven company is comprised of over 5,000 passionate team members who are dedicated to our mission of improving lives by individualizing sleep experiences. We have improved nearly 14 million lives and are positively impacting society’s wellbeing through higher quality sleep.

Our award-winning 360® smart beds are informed by science. They learn from over one billion sleep sessions of highly-accurate, real world sleep data – the cumulation of almost 14 billion hours’ worth - to automatically adjust to each sleeper and provide effortless comfort and proven quality sleep. Our 360

Exhibit 99.1

smart beds deliver individualized sleep health reports and insights, including a daily SleepIQ® score, and are helping to advance meaningful sleep health solutions by applying sleep science and research.

For life-changing sleep, visit SleepNumber.com or one of our 650 Sleep Number® stores. More information is available on our newsroom and investor relations sites.

Forward-looking Statements

Statements used in this news release relating to future plans, events or performance, such as statements about Board leadership transitions, are forward-looking statements subject to certain risks and uncertainties. Additional information concerning these and other risks and uncertainties is contained in the company’s filings with the Securities and Exchange Commission (SEC), including the Annual Report on Form 10-K, and other periodic reports filed with the SEC. The Company has no obligation to publicly update or revise any of the forward-looking statements in this news release.

Media Contacts Julie Elepano Sleep Number Public Relations Julie.Elepano@sleepnumber.com